Private Equity
3 min read · 24 January 2011
Independence Equity Management LLC launched Independence Equity I LP. The venture capital fund will invest in early-stage companies that use technologies to improve resource utilization. The Northbook, Ill.-based shop said the announcement follows the first close of capital for the fund. Financial details were not disclosed. A second close is tentatively scheduled for April 30.
2 min read · 24 January 2011
Bank Street Holdings, the parent company of Bank Street Group, formed Bank Street Capital Partners. The new group will make growth investments, most notably in the communications, media and technology sectors. Ted Mocarski was hired to lead the group. Mocarski was a co-founder and managing director of Key Venture Partners.
4 min read · 21 January 2011
Xact Technology LLC and for Iridium Communications Inc. (Nasdaq: IRDM) formed a satellite connectivity partnership. Xact agreed to become as a value-added reseller for Iridium, and will develop a dual-mode cellular/satellite GPS tracking and machine-to-machine (M2M) communication device. Xact is a portfolio company of New York-based DMC Capital Funding LLC.
3 min read · 21 January 2011
The Illinois Technology Alliance (ILTA) was formed by several industry groups. The coalition is designed to ensure innovation and economic growth in Illinois. The group seeks to form a coordinated voice for innovation-driven public policy initiatives and industries in Illinois. The alliance’s founding members include the Illinois Venture Capital Association (IVCA), Illinois Science & Technology Coalition, Illinois Biotech Industry Organization and TechAmerica.
4 min read · 20 January 2011
Alibaba Group and its financing partners plan to spend $3 billion to $4.5 billion to set up a warehouse network in China to capitalize on the booming e-commerce market, Reuters reported. Some of the investment may be made through a fund to be set up with private equity and venture capital firms. Sources told Reuters in October that Alibaba Group is planning to expand its logistics network to reach 52 cities in two years from 20 cities currently.
3 min read · 19 January 2011
ThermoEnergy Corp. restructured its senior debt with a syndicate of lenders including Spencer Trask Specialty Fund, Massachusetts Technology Development Corporation and Boston Community Venture Fund. The lenders converted a portion of their debt into convertible preferred stock and extended the maturities of the remaining debt to Feb. 29, 2012. ThermoEnergy is a Worcester, Mass.-based supplier of wastewater recovery technology and systems.
3 min read · 19 January 2011
Sawari Ventures LLC of Cairo, Egypt, announced the launch and initial investments of its first fund. Sawari Ventures I will focus on early and growth stage technology companies. It is seeded by the partners and sponsored by Naguib Sawiris. The firm also made its first two investment, namely in ALZWAD Mobile Services and in vimov. ALZWAD provides content and mobile application developers with a platform to reach mobile users in the Middle East. Vimov develops iPhone and iPad applications.
3 min read · 19 January 2011
Mogreet and CBS Atlanta formed a partnership to launch a mobile video program for WGCL-TV, which is a CBS-affiliated station. The service will deliver video news and weather alerts directly to consumers' mobile devices. Mogreet is a Venice, Calif.-based mobile marketing platform for the delivery of information to mobile devices. It has raised $10 million from Ascend Venture Group, Black Diamond Ventures, DFJ Frontier, Spyglass Ventures and Clovehitch Partners.
3 min read · 19 January 2011
Coller Capital expects limited partners to reduce their exposure to funds of funds over the next three years, according to the London-based firm’s latest Global Private Equity Barometer. Coller also expects LPs to diversify their GP relationships.
5 min read · 18 January 2011
